Economic Calendar

Twitter

Subscribe

London Forex Report: Jobs Data Dents Dollar

London Forex Report: Jobs Data Dents Dollar

London Forex Report: USD The US added merely 138k jobs in May and net gains in the previous two months were revised lower by a cumulative 66k. Unemployment rate ticked lower to a 16-year low of 4.3% as a result of a 0.2ppt decline in participation rate, not quicker job gains. The only comfort came from sustained wage growth of 0.2% MoM. On a separate report, trade deficits widened by 5.20% to $ 47.62 billion in April amid shrinking exports (-0.30% MoM) coupled with rising imports (+0.80% MoM).

GBP UK’s construction PMI surged to a seventeen-month high of 56.0 in May, offering some reprieve after weaker May manufacturing PMI number. Brexit negotiation continue to hamper sentiment as inflation surged to a three and a half year high and data were beginning to post early signs of growth slowdown. On a brighter note, downside risks remain largely contained at this juncture.

JPY Japan’s defence minister Inada on Saturday supported the US using “any option” to deal with North Korea, including military strikes, and said Japan wanted to build a deeper alliance with Washington that could play a regional security role.

Technical: 1-3 Day View – Breach of 1.12 refocuses bulls on equidistant swing objective of 1.1291 en-route to a test of broader symmetry swing objective at 114.30. Only below 1.11 concerns near term bullish bias opening a move back to test 1.1020.

Technical: 1-3 Day View – Symmetry swing objectives at 1.3060 & 1.3118 are targeted a close below 1.2750 concerns near term bullish bias and opens a move back to test the 1.26 pivot, the near term upside hurdle is sited at 1.2920

Technical: 1-3 Day View – Close over 124.40 opens 129.44, near term support is sited at 123.10, near term upside objective of 126.84 equidistant swing objective, only below 122 concerns near term bullish bias.

Patrick has been trading for the past ten years. After liquidating several accounts in his early days he stopped 'gambling' and applied himself as a student of risk. Self taught and more self aware thanks to Mr Market. Patrick applies simple technical strategies based around market price and time structure to identify high probability trade locations.